Securities and Exchange Commission coming to Birmingham July 29

WASHINGTON -- The Securities and Exchange Commission will be in Birmingham July 29 for a daylong field hearing on municipal securities, an appropriate topic for the site of one of the market's biggest calamities, the Jefferson County sewer debt.

"Hearing directly from those who are affected by our policies helps to shape better rules," said SEC Chairman Mary L. Schapiro. "That's especially the case with municipal securities."

The hearing is 8:30 a.m. to 4 p.m. at Rosewood Hall in Homewood.

"Our hearing in Jefferson County will allow us to gather real-world insights that are critical to our examination of these timely and important issues," said SEC Commissioner Elisse Walter, who is chairing the field hearing.

There will be five panels with a total of 22 witnesses, including lawyers, investors, and local government and state government officials from Alabama and others states. Topics include distressed communities, small issuers, disclosure, derivatives and pre-trade price transparency.

U.S. Rep. Spencer Bachus, R-Vestavia Hills, requested the Jefferson County hearing, one of several field hearings the SEC is holding around the country.

"The sewer fiasco has forced Jefferson County residents to live through a nightmare. There are very important lessons to be learned from the situation in Jefferson County that can help ensure no other part of the country suffers through a similar experience," said Bachus.

The public is invited to attend and admission is free. The hearing will also be available on www.sec.gov.